Reliance Properties Ltd. joint venture with international developer Hines to build office tower

Industry: Real estate not elsewhere classified

Reliance Properties Ltd. (“Reliance”) entered a joint venture with Hines, a privately-owned global real estate investment, development and management firm based in Houston, Texas, to  build a 32-storey and 361,000-square-foot AAA office tower at 1166 West Pender Street in Vancouver.

Reliance is a privately-owned development company that has been contributing to Vancouver’s architecture for more than fifty years. According to the press release, this will be international developer Hines’ first project in Vancouver and the most significant commercial real estate announcement since the start of the COVID-19 pandemic. The new development aims to focus on tenant experience, to consist of innovative indoor/outdoor space and to incorporate new health, safety and wellness protocols. The development concept of the property was approved in 2018.

The value of the transaction is confidential.

See the press release here.

Richards Buell Sutton LLP advised Reliance on the original purchase of the property and subsequently assisted with the rezoning application with a team led by
Aneez Devji,
Sharon White,
and which included
Benjamin Hagen.

McCarthy Tétrault LLP acted as counsel for Hines with a team including
Cameron Whyte (Vancouver),
Patrick McCay (Toronto).